Problem
The industrial engineering department for Invade Air Fresheners has found that a new packing machine should save $45,000 for each of the next 8 years. The machine will require a major overhaul at the end of 5 years costing $12,000. The machine's expected salvage value after 8 years is 7.5% of its original cost. If money is worth 5%, determine the amount Invade should be willing to pay for the machine.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.